10 September 2014

We have read the Scottish Government's White Paper which raises significant issues for our offices in Scotland and for our clients. We have also received many questions from our clients about the possible impact on our services and our business in the event of a Yes vote in the September Referendum on Scottish Independence.

At the beginning of this year our Chief Executive David Nicol wrote to the Scottish Finance Minister John Swinney setting out these questions and concerns for the future of the savings and investment industry in Scotland, see his letter here. The reply we received from Mr Swinney referred us back to the proposals in the White Paper, with the additional comment that the detail of each matter will be decided after a Yes vote by a future Scottish Government, or in agreement with the Westminster Government.


In April Stephen Ford, Head of Investment Management at Brewin Dolphin wrote an  articlein The Daily Telegraph, setting out our desire for more guidance on currency; taxation and regulation. The lack of certainty on these crucial matters makes it difficult for us and clients to plan for the future.  

In June we sponsored The Spectator's debate on the future for Edinburgh and Financial Services in Scotland after the referendum. The debate was Chaired by Andrew Neil and held in the National Museum of Scotland.  During the debate George Galloway made an impassioned speech in defence of the Union, saying there 'will be havoc throughout the land in the event of a Yes vote in September' and Andrew Wilson, formerly Head of Public relations at RBS, spoke for the Yes campaign about the bright future for Financial Services and the Banks' likely move of their brass plates to London.  You can listen to the whole Debate here and read Alex Massie's comments in the Spectator here.

The uncertainty is palpable; however, we would like to reassure all our clients that we are committed to our Scottish business. Whether clients are advised from our Scottish offices or any Scots who are clients of one of our other offices in the UK, we will do what we can to minimise any impact on our services in the case of a Yes vote on 18th September. We would also like to confirm that all clients' Sterling cash is and will continue to be held in Banks authorised by the Prudential Regulation Authority (PRA) and for which the Bank of England is the lender of last resort.  Brewin Dolphin Ltd and the nominee, in which clients assets are held, are both registered companies in England and Wales at 12 Smithfield Street, London EC1A 9BD

We continue to invite our clients to contact us if they have specific questions about the implications of a Yes vote or to send their queries to us and we will endeavour to answer and publish our response.

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